On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500. Journalize Showcase Co.’s entries for (a) the sale, including the cost of the merchandise sold, (b) the credit memo, including the cost of the returned merchandise, and (c) the receipt of the check for the amount due from Balboa Co. Refer to the Chart of Accounts for exact wording of account titles.

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Explanation:

question (A) which is the sale (activities that are related to selling or the amount of goods or services that are sold in a given specific time period.), including the cost of the merchandise sold is in the first part of the attached image.

question (B) which is the credit memo ( a commercial document that is issued to a buyer by a seller.), including the cost of the returned merchandise can be seen in the middle part of the attached image.

question (C) which is the receipt (note that states that money (or any other things) has been received. More like an acknowledgment.) of the check for the amount due from Balboa Co is in the last part of the attached image.

answer; i believe the correct answer is (4.0);

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